UK Energy Minister: No Concern Over European Oil Supplies

RIYADH -(Dow Jones)- The U.K. doesn't see a potential shortage in
the supply of oil to Europe due to the political unrest in Libya,
but high oil prices on continued turmoil in the Middle East
causes "anxiety," the country's energy minister said Tuesday.

Libya's oil production is a small proportion of total global
output, and reassurances from Saudi's oil minister that producing
countries will meet any potential shortage are "very clear,"
Charles Hendry told Dow Jones Newswires on the sidelines of a
meeting here.

"The reassurance we've had from the minister makes it very clear
that he thinks if there was a significant shortage the producers
can step in to get it back up to where they think it needs to
be," Hendry he said.

He also said high oil prices made economic recovery in countries
like the U.K. more difficult, but presented an opportunity to
speed up the drive towards a low-carbon economy.